New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-06

Tine bank exchanges at the Ncw-IOTk Clearing House
stock sold at the NewYork stock Exchange for
tie weeks OF three years compare as follows:
Esss sss"s sS1% si ~; :: 'gP% 3jf
No shares rn,ss sT o ous S Gail ruled prev seady al
al per cent all the week. There we're exceptions
high as aud as low as Per cent but neither rate pos
money seemed 10 be IN little more abundant supply so
The doa este exchangc were practically unchanged
the conditions which have ruled for several preceding
weeks Chicago aud Boston stil ruled against this city
while the other points the rates scarcely snni.
GENTLY favorable 10 cause much movement OF funds to
took any away The foreign exchange markets were
abundaDtly supplied with bankers bills drawn prnci-
pally against railway bonds sold abroad so rates
weak and closed tho basis OF ~ S3i2 and - sJs
spectively for long and short sterling
with general results which not satisfactory 10 any
class OF operators The dulness encouraged couple OF
"bear raids values which were effective TO the ex
tent of one or two per cent declines so long as the
"heroc efforts were In active operation but when they
ceased and following OF sellers was looked for prices
as usual OF late rebounded with transactions that
less than one-hslf Of those recorded during the decline
il is fair conclusion that the bears to-day are not
80 from conviction n or choice The period before The mid
certainty s as to t the %meds:e effect Of
warrant the expectation that there would be peroi
when unsetng OF confidence would biing:stocks 20
then was created large short interest. which al,
though has doubled. twisted and assumed many forms
"leadng" operators who then turned "bears" did so,
not from their ownppnons OF what the effect of the law
earnings, but their estimates OF how the public would
regard II. But whether their bear" operations
based upon their own opinions their gucsses OF
what the general opinion would be OF the effect OF the
law, they in either proved to be All will
remember how, as April rolled by and each succee ling
week of IL continued TO show large gains
in railway earnings. extraordinary efforts made
show that as the law went into effect only April 3,
railroad earnings would not bo much ected by it till
the roads clear the freight shipped prior that
date Now recent history has developed, there
existed conservative public opinion which did not sub
scribe to the ruin and devastation theory and which
thought IL good time to quietly lay In good securities,
when Spectators wanted 10 sell them. Every move
ment OF the market since whether 10 OF depres
sion OF recovery, has clearly demonstrated that
neither the 0ug stocks which sold before,
the "shor stocks which sold afterward by these
the average Stock Exchange SPECTATOR. This de-
yelOped fact when the failure 10 cover within reason
able figures first made after the error In judgment
discovered It's not necessary 70 repeat the various
unsetting reports and rumors which since
have been promulgated nor the exact number OF deser
ate efforts made TO depress prices-anonF which the
New York and NewEngland episode was distinguished
They all OF recent date and were made so
prominent in the history OF the hour, as to DO
easily recalled Neither Is specially necessary TO point
the results OF the market, which has been without
bull leader and which has had all its local talent
enlisted on tho side OF depression The results not
phenomenal but they sufficiently significant TO point
moral
Now that the theories OF the Ill effects OF the Inter
state Commerce act OF Western railroad and Oh the
numerous other damaging prospects have been dsspated
!he willow tree upon which oil bear" hopes are hung
specuator at uptown hotel holds forth on the danger
70 and interests OF Treasury alb
sorption. and forthwith appears an avalanche
Oh learned essays upon tho danger